Dear Friends and Fellow Ludwigs,
It is time for that magical step into the week. A dependable and reliable step. The weekly breakdown of a symphony and yet again we will again learn about the melody, the performance, gain insights through comparison and at the end some closing remarks and reflection.
About this Melody
This week’s symphony is a composition played by those alternative layers on which the beautiful DeFi ecosystem is built.
Just like how modern music derives inspiration from multiple genres, so does this week’s feature. With our beloved native Fantom at its core, It’s none other than the beautiful “Beethoven’s Battle of the Bands”.
At Beethoven X we like to enjoy all kinds of music, rock, jazz, classical, trip hop, each symphony is unique in its design. So while we may applaud the show, it doesn’t mean we think you should buy a ticket
The pool saw strong trade volume increasing consecutive days to reach a high on Apr 12th at $279K USD from its low at $99K USD on Apr 9th.
Related to trade volume, the pool experienced swap fee increases on consecutive days as well. Swap Fees ranged from $990 (Apr 9th) to $2,794 (Apr 12th). Total swap fees for the week was the 4th highest among all pools..
Looking at liquidity, the 9th experienced the highest liquidity change, at $554K, 7% of the pool’s total liquidity on the 8th. Overall, the liquidity decreased by $1.3M from $8.2M to $6.8M this week.
Liquidity providers of this pool receive 1.53% of the emissions allocated to farms. It also receives swap fees, generated at a swap fee rate of 1.00%. Combined, the rewards APR of this pool ranged from 14% (Apr 9th) to 26% (Apr 14). The average APR for the week was 21.2%.
Interestingly, this pool, despite having one of the lower TVL’s on Beethoven-X, is generating high fees, as stated above. When we look at the Utilization Rate and the Fee to TVL Ratio, we notice that both have risen from 1.2% and 0.04 to 3.6% and 0.13, respectively. This is explained by a decreasing TVL and an increasing trade volume over the week.
Acting almost as an index fund comprising popular blockchain coins, Beethoven’s Battle of the Bands demonstrates the luxurious music Balancer technology allows us to compose. Indeed, music is always better when enjoyed together. We hope you tune in again next week for another Symphony of the Week.
Not Financial Advice
This feature should under no circumstances be considered financial advice. Each Beethoven X pool is unique and carries the risks of all the underlying digital assets. Featuring on the Symphony of the Week is only a review of past performance. It doesn’t not represent an endorsement of any of the protocols or their digital assets. Beethoven X users should only invest according to their individual risk limits.
Remember that a liquidity pool is only as good as its weakest token. If a token were blacklisted, infinitely minted, frozen, or exploited in any other way, the value of a pool could go to 0. Beethoven X is never liable for losses incurred through using our UI or the Beethoven X protocol. Be careful, and do your own research.